What are my foreclosure rights

Once the legal process of Foreclosure has begun, the borrower is accorded rights from the mortgage. One of the most important rights is the right of redemption. Redemption is the right of a property owner to redeem his/her real estate from foreclosure or tax sale by paying off the debt in full: including all penalties, arrears, property taxes, attorney fees, HOA fees, property insurance and any other fees advanced by the lender.

Under law, the right to redemption is inherent in any mortgage. Any person having an interest in the mortgaged premises who would be adversely affected by the Foreclosure is entitled to redeem. A person or entity with the right of redemption may redeem the mortgaged property at any time before the issuance and filing of the certificate of sale or in the time period specified in the final judgment of foreclosure.

Additionally, loan documents may contain provisions that provide for various rights such as a right to reinstatement, choice of law, and limitations on borrower’s liability. A borrower has a right to defend a foreclosure action to enforce these provisions and to protect their property rights. It is important to obtain an attorney to give proper guidance and analysis.

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